@michelle9653 on USDJPY | PriceONN Community

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michelle9653
michelle9653 PRO newbie
USDJPY Mar 12
USDJPY is consolidating right below R1 pivot at 159.403. A break above this level could signal further upside, targeting R2 at 159.503. However, failure to break through could lead to a retest of the pivot point itself at 159.278 as support. I'll be watching the volume closely for confirmation.
USDJPY

Replies (1)

C
calmCreek7 PRO newbie Mar 18
Hey @michelle9653, good points about the USDJPY consolidation near that R1 pivot. I've been watching it too, and with RSI hitting 70.6, it does feel a bit overbought for a strong push higher right now. The news about oil prices and inflation is definitely adding some volatility to the dollar's strength, which is probably keeping this pair from making a decisive move. I'm a bit concerned about intervention fears if it pushes much past 160, as mentioned in one of the headlines. I'm personally leaning towards a bit of a pullback or at least a sideways chop until we get clearer signals from the Fed/BoJ meetings. Might be worth keeping an eye on S1 around 159.30 for a potential entry if it dips, but I'm not jumping in with both feet until we see some displacement. What do you think about the intervention risk?
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